@hank : I was surprised when you said TMSRX was on your list ! Would you buy back into this fund if what happened ?

Hi @Derf. No, I don’t see myself ever owning TMSRX again. But - Never say “never”. If I were going to go back into a multi-strategy fund it would be BAMBX. Hasn’t shot the lights out either. Moving in would be a defensive move if I felt some other asset I own had gotten overvalued. Not the case today.
It’s not a buy-list. Just a bunch of funds I look at to see how the day is going during hours and how it went at day’s end. It’s true, however, that many are former holdings. That’s because I know a little more about them. It’s also true that I watch some things with an eye to possibly buying at some attractive point. And some are things I sold way too early and so I just whimsically watch them “fly away” …
Thanks for asking!

uh, how's Hussy doing? I think I am joking … (Hope) I can lock up my monies for a couple years and stop playing around in this casino....

Good question. I stopped tracking him. But HSGFX gained over 17% in 2022. YTD it is down about 8,5%. Unfortunately, had you held it 15 years, you’d have lost 4.5% annually over that time. (Running in reverse ain’t going to make you wealthy.)
I’m not qualified to say, but my impression is that parts of the U.S. market are grossly overvalued. Not sure the entire market is, however. I lean more toward international equities, so don’t fret much about where the S&P is. Sebastian Page, a very smart dude from TRP, was on Bloomberg today trumpeting the unrecognized value that resides in many U.S. equity sectors. Small cap is one area he mentioned.

https://www.sec.gov/Archives/edgar/data/1261788/000089418923005615/zieglerfamcohedgedliquidata.htm
497 1 zieglerfamcohedgedliquidata.htm 497
Trust for Advised Portfolios
Supplement dated August 15, 2023
to the Prospectus and Statement of Additional Information
dated January 31, 2023, as previously supplemented, for the
Ziegler FAMCO Hedged Equity Fund
We wish to inform you that the Board of Trustees of Trust for Advised Portfolios has approved a plan of reorganization whereby the Ziegler FAMCO Hedged Equity Fund (the “Acquired Fund”), a series of Trust for Advised Portfolios, will reorganize into the the DCM/INNOVA High Equity Income Innovation Fund (the “Acquiring Fund”), a series of Centaur Mutual Funds Trust. The Reorganization, which is expected to be tax free to the shareholders of the Acquired Fund and which is subject to a number of closing conditions, including the approval of the Acquired Fund shareholders, will entail the transfer of all of the assets and liabilities of the Acquired Fund to the Acquiring Fund in exchange for shares of the Acquired Fund.
The Reorganization will shift investment management oversight responsibility for the Acquired Fund from Ziegler Capital Management, LLC to DCM Advisors, LLCs, Inc., an experienced provider of investment advisory services. USCA Asset Management LLC, as sub-adviser, however, will continue to provide day-to-day portfolio management as the sub-adviser to the Acquiring Fund, subject to the New USCA Sub-Advisory Agreement approval by shareholders of the Acquiring Fund.
If shareholders of the Acquired Fund approve the Reorganization, the Reorganization is expected to take effect on or about the close of September 29, 2023. At that time, the Institutional Class shares of the Acquired Fund that you currently own would, in effect, be exchanged on a tax-free basis for Institutional Class shares of the Acquiring Fund with an aggregate value equal to the aggregate value of your Acquired Fund shares.
In the next few weeks, the Acquired Fund shareholders of record will receive a proxy statement/prospectus that contains pertinent details regarding the upcoming Reorganization, including the Board’s reasons for approving the Reorganization. The proxy statement/prospectus will also provide shareholders an opportunity to vote on the proposed Reorganization.
Please retain this supplement with your Prospectus and Statement of Additional Information for future reference.

update:
Cromwell Greenspring Mid Cap Fund:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1872253/000089418923005637/ck0001872253-20221231.htm

https://finance.yahoo.com/news/look-options-market-signs-stock-200536548.html?fr=sycsrp_catchall
Look to the Options Market for Signs of Stock Market Trouble
Bold added by me.
"Twice in the past six sessions the (S&P) index’s futures erased a 0.9% gain, the first time that’s happened since February.
While uncertainty about the economy and central bank policy was one instigator, something else may be contributing to the volatility: Market makers repositioning their exposures. There’s evidence that these Wall Street dealers — with the capacity to move millions of shares to hedge their books — have shifted to a posture where their selling has the potential to exacerbate market swings.
Any turbulence is likely to be temporary and betting against price swings remains a popular trade. But this change in dealer positioning is a departure from the first seven months of the year when the cohort played a major role curbing price swings, according to a model kept by Goldman Sachs Group Inc.’s managing director Scott Rubner.
“Market moves are exacerbated, and no longer muted,” Rubner, who has studied flow of funds for two decades, wrote in a note Thursday. “This is new.” "

Some of the worst performers today from my watchlist (I do not presently own any of these):
WPM (precious metals miner) -4.13%
DKNG (online gaming) -3.51%
OPGSX (gold miners) -3.07%
PRNEX (natural resources) -1.95%
GRES (natural resources) -1.94%
TCAF (PRWCX clone) -1.12%
My watchlist currently tracks 30 stocks or funds. 29 ended the day in the red. (That includes 5 or 6 bond funds.) Only one on the list, TMSRX, managed to break even. A close runner-up was BAMBX, down only 0.10%
So it goes.
* I also track 3 inverse funds. Of course they were up on a day like this.

Added to Utilities ETF (FUTY), which is trading just above the 52 week lows. Buying them while they are down.

From the ads on the news channels, network news, and local news, it’s apparent that their audiences are not a highly valued demographic. (A lot of drug and Medicare ads not to mention the MyPillow and gold bug ads on the right-leaning outlets.)
Plus the news operations are such a small sliver of the ginormous publicly held parent companies (e.g., Comcast, Warner Bros Discovery, News Corp., Paramount, Disney), that any uptick is unlikely to make a dent in the stock price.

Good stuff @MrRuffles. And it's not too hard to find out that the number of people that watch cable news is pretty small in comparison to the amount of noise that it generates.

Fox came in first place in total day viewers, averaging 1.1 million, including 140,000 in the advertiser-coveted 25-54 age demographic, according to Nielsen Media Research data.
MSNBC ranked second, netting a daily average of 796,000 total viewers and 95,000 in the 25-54 age demographic. CNN came in last place among the three leading cable news networks, earning an average of 463,000 total day viewers.

@sma3
Vanguard has a two-step process, as I understand it. Behind the scenes:
First, the estimate the returns over the next ten years using the Vanguard Capital Markets Model.
https://static.vgcontent.info/crp/intl/auw/docs/resources/Vanguard_VCMM_brief.pdf?20150814|091500
Second, the run the Vanguard Asset Allocation Model to create a model portfolio.
https://advisors.vanguard.com/insights/article/whats-behind-our-portfolio-construction-process
As part of the process of talking to the Advisor, I was asked what percent active and passive allocations that I favored. It was a fuzzy question, and I responded 50% active and 50% passive. I also derived with the Advisor that I wanted 50% stock and 50% bond portfolio.
The Advisor came back to me a couple of weeks later and presented a proposed portfolio. I went with that portfolio, although the literature says that clients have the option to propose different funds.
One more point, Vanguard provides you with an Advisor, and you do not have the option to select your own like at Fidelity. I did look up the credentials of the Advisor and was pleased with his knowledge and professionalism. It is an improvement over my experience from several years ago. I believe that it is part of Vanguard's effort to improve PAS.

Put 15K into this week's 4-wk T-bill auction, auto-rollover, at Schwab. (part of emergency funds)

Why stop at 12? The way this is going, I would drink 25 YO minimum, as we are not likely to survive much longer!

Hah ... I have a 40 y/o bottle that's my Apocalypse Dram!

Why stop at 12? The way this is going, I would drink 25 YO minimum, as we are not likely to survive much longer!

uh, how's Hussy doing? I think I am joking.
But I sure hope the 2-yr is treasury is at 5% in a couple weeks at auction....so I can lock up my monies for a couple years and stop playing around in this casino....

In response to several comments above:
I have been a DIY investor until about two years ago. I did try the Charles Schwab robo-advisor. I have been using both Fidelity and Vanguard for decades and like them both for different reasons. I now use the Fidelity Wealth Services and Vanguard Personal Advisor Service Select.
For clarification, Vanguard Advisor Services are:
1) Robo Advisor Services with a minimum of $3,000:
https://investor.vanguard.com/advice/robo-advisor
2) Personal Advisor Services which is a hybrid robo advisor with a minimum of $50,000 and team of advisors. Cost is 0.35%:
https://investor.vanguard.com/advice/personal-hybrid-robo-advisor
3) Personal Advisor Services with a minimum of $500,000 and a personal certified financial planner/fiduciary in addition to the team. Cost is 0.3%:
https://investor.vanguard.com/advice/personal-financial-advisor
Fidelity Wealth Management fees are listed as 0.50%–1.50% with a minimum of $250,000. The more you have them manage the more your fees fall.
I invested the minimums to get a personal advisor and to lower my fees.
With regards to objectively evaluating the funds and services:
Whether you work with Fidelity or Vanguard, they will evaluate your goals and needs and propose an allocation (or range) and the funds. Both base their recommendations on the long term, but Fidelity also adjusts based on the business cycle. You can make changes within their criteria and policies. I entered the funds and allocation into the MFO Portfolio Tool to evaluate them. With Vanguard Advisor funds being only 1.7 years old there is not much history to go on. Vanguard has the option to select the percent of active and passive funds.
With a dual income household, we have multiple accounts with different tax characteristics. Our advisory service ranges from 50% stocks to 70% based on my input.
With regards to performance:
It does take a leap of faith to use an advisory service. There is evidence that individual investors tend to underperform the markets because they tend to panic, trade too much, or be too conservative. I did take the leap of faith based on my experiences with both Fidelity and Vanguard.
My primary objective is to set my wife up with a financial advisor in case I pass away before her. Mission accomplished. The surprising thing is that I feel a burden is lifted and more relaxed. I still have accounts that I manage myself.

Nasty across the board. ”Babies with the bathwater” comes to mind.
Foreign stocks down. Domestic down. Foreign currencies down. Bonds down. Metals & miners down. Energy down. Consumer staples down. Berkshire down 1% at last look. A favorite pundit I read keeps saying gold’s gonna “rock” one of these days. Gets a bit stale after 5 years. Still in a slumber, holding just above $1900. Only hold it indirectly through a nat resources CEF.
PS - Bargains galore! Just picked up a non U.S. food conglomerate at a lower price than I sold it for a month or two ago. What’s not to like? Had been a portfolio staple for a couple years. Glad to have had a chance to retrieve it. Generally, I dumped the 2% hedge position today and moved it into equities.

I see I have a letter coming this afternoon from PBI. Since over 500 organizations are affected, it could be someone else but might be TIAA. I withdrew my last penny from TIAA in 2016. If mine is also TIAA then they make your identity information eternally vulnerable even after your exit. Since my husband just died and, apparently, PBI processes death verifications for many organizations, it could be any company. As of the end of July, this cyber security dive site reports:

July 26
Nearly 500 organizations and almost 24 million individuals have been exposed by the mass exploit of the MOVEit vulnerability, according to Emsisoft.
The victim count continues to rise from a steady stream of disclosures and more organizations listed on Clop’s leak site. One-quarter of the 286 public disclosures made to date specify the number of individuals impacted, according to Callow.
Clop has listed 206 organizations on its leak site, which means 2 in 5 victims have yet to confirm a compromise via public disclosure notices, Callow said. At least 136 organizations that don’t use MOVEit directly have been exposed via third-party vendors.
The prolific threat actor has leaked data across the dark and clear web it claims to have stolen from multiple companies. Security researchers said threat actors sometimes leak data on the clear web to post the data more quickly and increase pressure on their victims.
Based on the disclosures made to date and the average number of individuals compromised per disclosure, Emsisoft estimates almost 130 million people have been exposed by this widespread attack. The number of victims continues to grow.

Cyber Security Dive: MOVEit mass exploit timeline

With all the screaming and yelling cable networks with news / talk programing stand to make a mint over the next year or so. I’m thinking of MSNBC, FOX, CNN, NewsMax and the like. Locals owned by right-leaning Sinclair Broadcasting should also do well. Any ETFs or OEFs that track or overweight these gems? Forget “Court TV”. You won’t need it. The Georgia affair will be broadcast live. Sure to be a sordid affair and, hence, an incredible (and very lucrative) eyeball grabber.
The nearest thing I can compare it to (in Reality TV viewing ) is the 11-month long live telecast of the OJ Simpson Trial from 1994-1995 which raked in billions for the cable networks and elevated many previously unknown media commentators to celebrity status. The stuff careers are born of.
* Please direct any politically charged comments to the “Georgia Indictments” thread provided by @Old_Joe in the “Technical” section and, more appropriately, to the “Off Topic” section as he has recommended. I’d like to keep this one limited to how to turn chaff into gold.
LINK to OJ thread in “Technical” section: https://www.mutualfundobserver.com/discuss/discussion/61421/the-georgia-indictments#latest
LINK to @Derf’s related thread in “Off-Topic”: https://www.mutualfundobserver.com/discuss/discussion/61420/another-indictment-from-georgia#latest

I can't believe it, you can lose maybe 3-5 days of MM? How much is it? 0.1%.
I used ACAT back and forth Schwab-Fidelity and usually it takes 2--3 days. You can wire the money too. I only wired money from Schwab and it took a couple of hours, and it was free.
BTW, you can also buy a fund, maybe RPHIX, at TD and then do the a ACAT.

What is the point / purpose of writing out of context?
If you do not understand, seek to understand.
If you want to help but do not think you have sufficient information, ask questions or seek the information.
If your purpose is to show off, you have come to the right place. If you think only your experience, even if it is out of context, that matters, you have come to the right place. If you think every one and everything needs to be corrected, you have come to the right place - an anonymous online forum.
BTW, I was not looking for help, rather I was sharing information I gathered, just in case it is useful to others and saves them time. I occasionally forget that the safest participation (without being trolled) in this forum is to just seek information and not share.
The stage is yours. Enjoy.

I can't believe it, you can lose maybe 3-5 days of MM? How much is it? 0.1%.
I used ACAT back and forth Schwab-Fidelity and usually it takes 2--3 days. You can wire the money too. I only wired money from Schwab and it took a couple of hours, and it was free.
BTW, you can also buy a fund, maybe RPHIX, at TD and then do the a ACAT.

Not sure who you were responding to, but I do it on principle, not for principal.

I’m somewhat in awe of these sophisticated services, being a humble do it yourself type. But I have to wonder how one might objectively evaluate the effectiveness of various schemes, plans, advisors under various market conditions and time spans? With funds I can check 1, 3, 5 & 10 year performance. I can see how well they held up in bear markets or how correlated / non-correlated they’ve been to the S&P. But how to get that kind of distanced perspective for these approaches is a mystery.
Perhaps it’s unfair of me to ask since every situation is tailored by an advisor to the specific needs of the individual. That makes comparison difficult. Let’s hope they serve investors better than many target date funds do. At a glance, it appears they lean towards low cost funds - perhaps index funds or ETFs. So, there is a cost advantage. But you still need to target the right assets / market sectors at any given time.
It is true that over time one may evaluate the approach they employ - be it self-directed, robo-generated, humanly devised or divinely inspired. Record yearly performance and than over time back-test those results against whatever criteria you care to. But the same is not true for one who is just starting out with a given advisor. Must take a leap of faith.

I can't believe it, you can lose maybe 3-5 days of MM? How much is it? 0.1%.
I used ACAT back and forth Schwab-Fidelity and usually it takes 2--3 days. You can wire the money too. I only wired money from Schwab and it took a couple of hours, and it was free.
BTW, you can also buy a fund, maybe RPHIX, at TD and then do the a ACAT.